Could have expressed it better, but at least I got it out of my system:
BUSINESS SPECTATOR Wednesday 31 July 2013
Alan Kohler “The Myth of Pay for Performance”
Bryan Kavanagh commented:
Yes, ludicrous salaries and we fawn on these moguls. It’s called rent-seeking – or stealing what’s not yours, Alan. People should Google the term if they’re not au fait with it. It’s why the world financial system has collapsed, and banks are expert rent-seekers too. They offer excessive credit, thereby inflating real estate bubbles and tying customers to bubble-inflated mortgages for 30 years. Oh yes, people may change their bank, but the bubble-inflated mortgage, the grip of death, remains.
Oh, and when the bubble finally bursts and bank profits are no longer there, or they risk going under for their risk management failure–as in the US and Europe–they then seek AND RECEIVE bailouts because they are “too big to fail”! Please get me into such a rent-seeking business in finance or real estate where win/win is the only possible outcome! Nice!